Is more downside coming?

[Kerim]

My crystal ball is still busted, but I think we're going to be in the churn for a good while longer. It would not surprise me at all if the S&P just swings around between 3400 and 4100 for a while. Feels like a disconnect to me between there being lots of good-looking buys here around 3650, but the "market" or indexes overall still feeling frothy / vulnerable. And of course black swans are the new normal, so...